Announcing the Prime Rate-athon
Prepare your ratings–the Prime Rate-athon is coming! In anticipation of Prime Rating V2, we’re launching a rating competition for evaluating DeFi protocols using our Rating Framework, as mentioned in the recent round-up article. Those who participate will compete on six grand prizes totaling 7500 $USDC + 9000 $PRIME for the best raters in two main categories, plus 150 $USDC+ 200 $PRIME as a reward for every approved submission.
The Rate-athon will begin on the 5th of July 2021 at 2 PM CEST with a Discord kick-off call and last for ten days, concluding on the 14th of July. Within this period, you can submit as many reports as you wish. Everyone is welcome to participate in this Rate-athon. Participants can also form groups to work together and present their reports through a trusted or multisig wallet.
Rate-athon Prizes
The three participants who successfully submit, and pass, the greater amount of reports will receive the following prizes:
N°1: 2000$ in USDC + 3000 PRIME Token
N°2: 1500$ in USDC + 2000 PRIME Token
N°3: 1000$ in USDC + 1000 PRIME Token
Top 3 Best Reports
Three best quality reports in terms of the depth of analysis and critical evaluation will be selected by the prime stewards at the end of the rate-athon and will receive:
$1000 in USDC+ 1000 PRIME Token per wallet
Steps for Participating in the Rateathon
- Join our Discord. Register by announcing your intention to participate in the #Rateathon channel, by stating your name and the first report you intent to rate, for example: “Hi, I am Peter, I’d like to participate in the Rateathon, and the first report I’m going to create is for Uniswap.”
- Create your report by filling out the template. Don’t forget to add up your final scores in the scorecard at the bottom of the template.
- Submit your reports using this form in PDF format. Don’t forget to add your ETH address to be eligible for rewards.
Prime Rating has already been running a compensation program to gather ratings from a decentralized community of raters. Each successful rating receives 150 USDC + 200 PRIME tokens, and this program will continue during the Rateathon. Therefore, even if you do not win Rate-athon prices, you will still receive compensation for your quality work!
Any Questions? Feel free to join our Discord and ask! The Rate-athon will start with an official Kick-off call on Discord on July 5th, 2 PM CEST. In this call, we’ll go through the rules again and do a Q&A session at the end.
Quality Check
The jury will evaluate the reports according to the Prime Rating quality check. We don’t want to see clear copy&paste, outdated data, minimal or unanswered questions. A good report should be able to provide significant analysis, on-chain data points, and sources. An example of a high-quality report is the MakerDAO FA report. Its recommended that you request feedback on the discord channel before submitting the final report.
Rules
- Everyone is welcome to participate in this Rate-athon. People can also form groups to work together and submit their reports through one wallet.
- Only DeFi protocols that have a token and exist on Ethereum mainnet will be accepted. Please visit Coingecko’s DeFi list to see which protocols can be rated.
- Other Layer 1 blockchains, stablecoins, or deposit/receipt tokens (e.g., c-tokens) are not part of this competition.
- Only reports that fully completed the report template will be accepted.
- A group of Prime Rating stewards will review each report. They can take or reject a report, according to the Prime Rating Quality Check.
- Prime stewards can provide feedback to raters. Participants are encouraged to implement the feedback and re-submit the adjusted report.
- To participate, please follow the steps listed below.
More about Prime Rating & why we are doing this
This rate-athon aims to encourage anyone in the crypto ecosystem to dive into fundamental analysis of DeFi protocols and provide the rating results of these evaluation reports as informative data for DeFi users.
Prime Rating is a DAO governed framework for quantifying the quality and risk of open finance protocols. The Prime Rating system operates through a permissionless process that the Prime Rating DAO manages. Prime Rating is built to improve the resiliency and functionality of the open finance ecosystem, educate end-users about the quality and associated risks, and create a benchmark for an open financial system that is permissionless, trustless, and transparent while respecting user sovereignty. Prime Rating evaluates protocols from the perspective of a protocol token holder based on smart contract quality, data quality, and fundamental quality.
A crucial pillar of achieving this vision is the Prime Rating community that will rate the protocols and coordinate towards flourishing this database. With this competition, we want to engage with the community and encourage participation through an exciting and rewarding competition.
About PrimeDAO
Prime Rating is part of PrimeDAO. Our mission is to facilitate the broad adoption of open finance by coordinating and cultivating protocols, DAOs, and DAO2DAO relations that promote reliability, liquidity, collaboration, and extensive access. We’re excited to continue to build next-generation coordination tools for decentralized finance and help steer DeFi towards a synergistic ecosystem.
If you or a DAO you participate in wants to collaborate with PrimeDAO or launch a DAO2DAO — hop into our #Discord channel and let’s make it happen!
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